The grant will normally be paid out directly to the grantee in Jamaican dollars, the reimbursement of grant funds for transactions denominated in foreign currency will be made at the Jamaican dollar equivalent, based on the exchange rates prevailing at the date of the transaction. The applicable transaction rate will be the Bank of Jamaica (BOJ) indicative sell rate on that date. This information is available at the BOJ website – http://boj.org.jm/foreign_exchange/fx_irates.php . Bank charges shall be paid by the Fund
The grant will involve no financial obligations on the part of the recipient. But in certain circumstances such as non-performance can be cancelled or recalled.
The JBF grant is normally a reimbursement grant, but in exceptional cases an advance may be made.
The JBF will compare the Progress Reports with the anticipated progress in the Project Work Plan. Disbursement will depend upon adequate progress in terms of fulfilment of the agreed performance indicators.
For each project, up to four disbursements may be made against ‘milestones’ set under the grant agreement, representing specific points in the delivery of services or goods.
Final disbursements will be made on provision by the grant beneficiary of a completion statement, a claim with all supporting documents and verification by the JBF of satisfactory delivery. The disbursement file will be closed on completion of the final verification report.
Amendments to the budget, disbursement schedule and co-payments may be allowable at the discretion of the Operational Fund Manager.
No disbursements can be made without the beneficiary providing evidence of its compliance with the Funds’ environmental policy and management procedures (see the Environmental Checklist under “Eligibility”).
